As well as serving on the board of the almost $1.3 billion Foundation North she is chair of the NZ Superannuation Fund guardians nominating committee.

“We haven’t started looking for a replacement yet,” Russell said. However, he said TE would launch a recruitment process soon.

The trustee and fund administration firm is also still looking for a new head of business development following the departure of long-time incumbent, David Mansfield, last December.

Russell said while it was proving difficult to find someone with the suitable skills to replace Mansfield the firm had hired three new client services staff over the last few weeks.

“We’ve also got a new fund administration client coming on soon,” he said.

Last year TE retained marquee client Fisher Funds after a highly-competitive tender process. However, it is understood another major TE fund registry client is currently switching to a new provider.

According to the latest TE financial statements, the business more than doubled net profit after tax over the 12 months to September 2017 to $9 million from $4.1 million in the previous year. However, the annual report shows pre-tax profits were steady year-on-year at about $12.5 million on similar revenue and expenditure.

TE’s tax impost dropped to $3.5 million in the latest accounts from about $8.4 million in 2016, principally due to a penalty payment lodged in that year. The group paid $4.9 million to the Inland Revenue Department in 2016 as settlement of a disputed tax treatment of $24 million of revenue in the 2013 financial period.

In March 2017 parent firm, Sterling Grace (ultimately owned by Swiss-based investor, John Grace), bought out the remaining TE minority owners who held stakes via Trustees Executors Holdings. The now cashed-out TE minority shareholders include former executives of the firm Tom Hoey, Yogesh Mody, Clynton Hardy and Claude Oberto.